Business and the Decision Making Process

             The decision-making process involves a selection of a "course of action among alternatives"1, leading to a final choice. In business and management, the decision making process is based on several decision making models, such as: SWOT analysis (concerning an individual's or a company's strengths, weaknesses, opportunities and threats), analytic hierarchy process (used for multi-level goal hierarchy), buyer decision processes, cost-benefit analysis, decision tree, force field analysis, strategic planning and others.
             Another economic field that uses quantitative methods in marketing. The activities of a marketing plan must be grouped in order to be carried on logically and chronologically. A series of methods and techniques can be used for coordinating a marketing program's activities, some of them being considered a classic: regression and correlation analysis, matrix analysis, while others are referred to as modern techniques: linear programming, input-output analysis, Markov chains, risk analysis, and others. The most used techniques are the Critical Path Method and the Program Evaluation and Review Technique, both of them seeking to optimize a complex program, in which every activity's duration is evaluated by determined numbers. Many marketing programs have a high degree of complexity, given the great number of activities they involve. In such cases, specialists prefer using the Program Evaluation and Review Technique and the Critical Path Method. These methods are recommended in cases that involve networks, correlated activities, performed by separate departments that work simultaneously in developing a certain project.
             In order to exemplify the use of different quantitative methods, the following situation will be analyzed: Soft & Games is a medium sized company that produces software and computer games. Given the internal and international market's ascendant evolution, Software & Games has decided to create and develop its ...

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Business and the Decision Making Process. (1969, December 31). In MegaEssays.com. Retrieved 17:20, May 01, 2024, from https://www.megaessays.com/viewpaper/202492.html